Sinking Pakistan again got China’s support, one billion dollars reached the bank, hopes of help from IMF shattered
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IMF program over!
Earlier, Finance Minister Ishaq Dar had said that Pakistan paid one billion US dollars to China last Monday against an obligation of US $1.3 billion. He hoped that this amount would be returned. Pakistan’s economy is on the verge of defaulting on payments. The IMF had agreed to give him $ 6.5 billion loan assistance in 2019, but he has not received $ 2.5 billion out of this. IMF has put some conditions for releasing this amount. Pakistan, on the other hand, says that it has already fulfilled the conditions of the IMF. The debt support program of the IMF is coming to an end on 30 June.
Only support of China in trouble
Pakistan is looking for an option to keep its economy afloat in case of no IMF help. It is expected that China will give him a bilateral loan of four billion dollars. Pakistan’s IMF program ends on June 30. In such a situation, now the possibility that he will get any help has reduced. Without the support of the IMF, the country is not getting multilateral loans or even bilateral aid. China is the only country that stands by him in times of trouble. Whereas even after the announcement from Saudi Arabia and UAE, help is not visible.
Pakistan accused of politics
Dar, on the other hand, accused the IMF that its bailout package was a victim of politics. He said that many organizations want that Pakistan’s condition should become like Sri Lanka and it should be ruined. Pakistan hopes that China will give it a bilateral loan of four billion dollars. Pakistan is also looking forward to recoup the $300 million loan it can get from the Chinese Development Bank. This loan is maturing on 30 June.
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